First State shifts £2.2bn as it unveils Brexit base

First State Investments has shifted €2.6bn (£2.2bn) from its UK Oeic range to Dublin as it establishes an Irish management company ahead of Brexit.

The asset manager said it established First State Investments Ireland so it could continue to distribution and investment activities for European Union clients regardless of the final Brexit outcome. The Oeic assets have been transfered to its Irish Variable Capital Company (VCC) range via a scheme of arrangement.

The Irish base will be headed up by Adrian Hilderly (pictured), currently head of risk and compliance for Emea. Tim McManus has been appointed senior manager, finance and investment tax. Both men have relocated to Dublin from First State’s London office.

The asset manager is still recruiting for a head of risk and a head of compliance for Ireland, plus an investment assurance manager.

Hilderly has worked at First State six years, having previously co-led Blackrock’s compliance and advisory team.

First State managing director for Emea Chris Turpin said the asset manager’s primary objective is to minimise disruption for investors. “Our efforts remain focused on ensuring that our EU-based clients can continue to receive the same level of services and access to our broad fund range irrespective of the outcome of Brexit negotiations.”

First State has operated Dublin-based pooled funds for nearly two decades.

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